The much-hyped electric vehicle maker that briefly sported a market value comparable to Ford, has filed for bankruptcy with plans to wind down its business.

The company, which once enjoyed a surging stock price, struggled to turn its plans for electric and hydrogen trucks into a viable business.

Nikola said Wednesday it had filed for Chapter 11 bankruptcy protection and would pursue a sale of all or most of its assets, after grappling with rapid cash burn and struggling to raise funds in the past few quarters.